Nice digs... try ospho application on rusty area, hit rust spots with finish sandpaper, wash it, then apply satin clear coat. You could attempt to repaint white background, but it takes value away. For example, I have a re-painted 1917 Indiana plate--black background, yellow letters. It was originally rust color but repainted. I picked it up in a car show for about $15.00. Not even a good paint job on the 1917, but I consider it more as den art, rather than an item that could be displayed on an early vehicle.